Good Suggestion
From a reader:
- The guys must know this for their homes: A tenancy by the entirety is similar to a joint tenancy with the right of survivor-ship, but with a few additional characteristics: Whereas a joint tenancy with the right of survivor-ship can be severed by one owner, neither spouse can sever the tenancy by the entirety by selling an interest in the property.
Use some of that OT money to protect themselves.
In short, their home can not be sold off to satisfy a judgment against them since their spouse owns part of the house. I'm retired sergeant and a lawyer was at a meeting a long time explaining this, telling us that it was put in place to protect coppers. The guys at the PBPA may not remember this being so many new faces but find a good lawyer and have him explain it to you and the guys. Hopefully, they will never need it and the lawyer can explain it better then I can.
Stay safe and may God watch over all of you.
No harm in being properly prepared.
Labels: info for the police
posted by SCC at 12:01 AM
66 Comments:
And what if I have a pre nup?
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
Did this when I was on the job, it’s not very complicated. Lawyer filled out form and filed it with recorder of deeds. Essentially it’s says your spouse owns the house and your a tenant
Put your properties into a land trust ASAP. If you have investment properties put those in a land trust as well with the beneficiary as an LLC with yourself or spouse as the managing member.
Did this for my house years ago. Each spouse owns half the house, but the 2 halves are intertwined, such that a judgement against 1 party will never get the other 1/2 of the house.
So if you're married and get sued, assholes can't come for your house? Is this the understanding? Is this true? And would someone give more explanation.
Thanks
Just remember, Bud Abbott died broke.
Learned about this in 2006 and shared info with my parents. Fyi, it was NOT put in place for coppers. Its been around for decades and covers the financial interest of spouses and isn't based on professions.
In other news, Chicago Transit Authority supervisor Martesa Lee is suing the city of Chicago. It started when she was asked repeatedly to move and then was escorted out of the crime scene of “Machete Mike", who had been stabbed. And she also has filed a federal lawsuit against the two officers, alleging false arrest and a violation of her First Amendment right to free speech. She was just hoping they would arrest her for obstruction. This fool is a supervisor? She acted like a real jerk. So how much will she get? https://www.youtube.com/watch?v=yvOR-MjEBG4
Better advice is to put all of your assets, including houses, investments and bank accounts in a grantor trust. The only thing that should be in your name are liabilities.
Rumor has it all the Colorado LEO started putting all their assets in trusts a few weeks ago. I imagine the Colorado lawyers are happy.
I just refinanced....Chase bank recommended it. I did it having never heard of it before.
America
-----OT-----
Will there be cake and coffee at Fort Fellatio this afternoon for the 300th decedent?
So what are we supposed to ask the lawyer to do? Set up our homes as joint tenancy? Is that some kind of trust? Can someone please explain this further. Also, is this an estate planner lawyer we would use? Thanks for the info
But what happens when you get divorced?
Can the judge take your whole house, when your wife already has half to start with?
Residency.
You know how you want to change the policy, so you can live outside Chicago?
The Democrats in Minnesota want to throw all that out, they want a STATE WIDE tequirement the police live inside the city that hires them. Imagine being required to live in a city of 5,000 people when you are a part time farmer, or your wife/ husband/ spouse works as a police officer in a different jurisdiction.
Won't matter. Lovey and lovey will just garnish your wages. The Left WILL get their pound of flesh out of you.
1:31 AM
Don't read too much, do we?
The 1990's were ubitiquous for refinancing.
Spotted on the public way: brand new (ubitiquous) SUV
with vanity plate: RE-FI
(Nothing like advertising that you're a financial genius.
Take the proceeds of the cash back equity provision and
purchase an asset that goes DOWN in value - some 20% -
once you drive it off the lot. Depreciation is not tax deductible.
So five years later, you have a vehicle worth 50% of the
purchase price and very little equity in your residence. Chase
liked it like that. Creation of perpetual debt slaves.
Biblical principal: The Borrower Is Slave To The Lender.)
Doctors have done this for years.
Anonymous Anonymous said...
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
6/21/2020 12:09:00 AM
What I understand some high level CPD exempt is living in La Grange and serves the Lyons Township High School Alumni community board member, please let me know their name because it’d be a “small” world to see someone in my area I travel through living there without COPA knocking at his door. Why should we be punished and not he/she? I know Id love to live in that area, but I can’t I have morals, this son of a biscuit is using the merit to hide pretty far from the city and needs to be exposed. Or better yet lift the residency, so I can buy my home and elude all these jokes/problems of Chicago.
after reading these threads, one thing comes to my mind. The lawyers have complicated everything. They wrote the laws, interpreted the laws and enforce the laws in courts.If you want any answers you have to ask another lawyer. Nothing simple out there anymore
Yes the tenancy is broken upon divorce, that said Tenancy by the Entirety is a great protection of your residence against judgments.
Excellent legal advice.
Had the house put in trust in 1992 when I was married ( again) just for this reason.
old retired guy
Protection From Creditors
In a tenancy by the entirety arrangement, one spouse/owner cannot encumber, dispose of, partition, or transfer the property without the consent of the other. At the same time, both parties must agree if one partner wants to dispose of their half share of the ownership. Meanwhile, if only one spouse is in debt, creditors cannot generally foreclose on property held in tenancy by the entirety. TO PUT IT ANOTHER WAY, A CREDITOR OF ONLY ONE SPOUSE CANNOT FORECLOSE ON THIS JOINTLY OWNED PROPERTY TO COLLECT THE DEBT OWED. HOWEVER, IT’S IMPORTANT TO REMEMBER THAT TENANCY BY THE ENTIRETY WILL NOT GENERALLY OFFER PROTECTION FROM CREDITORS OF JOINT DEBTS.
I doubt many married cops have their property titled as a joint tenancy
I’ve had “tenants in the entirety” for my home for forever and I’ve also had my assets put into a living trust. This way I don’t actually own anything. The trust is the owner. Please seek PROFESSIONAL ADVICE. I have used these two law firms in the past and have been very happy with both. Both firms are highly recommended, this is what they specialize in and you will get yourself and your assets protected.
Reda Ciprian Magnone - 8501 W Higgins, Chicago
Peck, Ritchey - locations in Northbrook and Downtown Chicago.
Getting your financial shit together is not that expensive and definitely worth it in the long run.
Best advice ever for what is happening now....
Protect yourselves and all you have worked for....
Joint tenancy agreements, rights of survivorship,
Trust arrangements......
Get it done.....have a will made up....
Powers of attorney.....
There are some Illinois laws about timing......
Meaning if you get sued today, you can’t get those trust arrangements done
Tomorrow! Be smart.....be safe....
I may have been that lawyer if the meeting your referencing was Detective Training at the Academy. I used to give a lecture on Civil Liability for Detectives. I called it the CYA portion of my presentation = Cover Your Assets.
Yes, for married officers you do not want to put your house in joint tenancy but rather, tenancy by the entirety. Unfortunately, there is no comparable protection for unmarried officers. A trust, such as an Illinois Land Trust or Grantor trust will not prevent a plaintiff from attaching that asset if a punitive damages award is assessed after a lawsuit. If the officer is a beneficiary of the trust then the trust is an asset and can be attached. It might slow the plaintiff down but it won’t prevent you from losing your home. Don’t let a lawyer sell you this.
The ultimate protection is to move to Florida (after retirement obviously) and take advantage of Florida Homestead. Only state that has it. The idea would be to put all of your money into a home. The home is untouchable by creditors. If you need cash, you then take out a mortgage on the home. That money is also protected from creditors. I suggest this to detectives since some of these wrongful conviction lawsuits don’t pop up until 10 or 20 years after the case. You may be enjoying retirement and 10 years after leaving the job you get sued.
Having your home titled under tenancy by entirety is very easy. Shouldn’t cost more than $500 max. Don’t let them sell you anything else.
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
That’s a great question, rumor was during NATO he was threatened so I guess it’s no different then the officers that had their home Addresses put on social media. So they should be allowed to leave like old randy right?
Randy is the smartest person in the room, just ask him.
I just did this with my house and a rental. Just file it with the recorder of deeds ( 50.00 or so) and it shows up on your tax bill as X revocable trust. No big deal at all. Maybe 200 to the attorney.
Anonymous Anonymous said...
So if you're married and get sued, assholes can't come for your house? Is this the understanding? Is this true? And would someone give more explanation.
Thanks
6/21/2020 12:27:00 AM
As far as I can tell the good Sgt. is correct. But, if your are married and bought your house when you were married, your house is probably already titled a "Tenancy by the Entirety." I know you can check your real property at the Cook County Recorder of Deeds site. Not sure whether it lists how your residence is titled, but I think it does.
Here's a little more info. If your spouse if also a cop make sure never to work with that spouse because if you are both sued "Tenancy by the Entirety" will then not protect your primary residence.
• The TENANCY BY THE ENTIRETY was created by the Illinois Legislature in 1994 as an additional means for married persons to hold legal title to their residence in Illinois. The Tenancy by the Entirety is similar to a joint tenancy except that it can only be between married persons and only can be used on the parties' marital residence.
o The primary advantage to holding title as tenants by the entirety is that the property cannot be attached by creditors unless the judgment is entered against both spouses.
o when title to the homestead is held as Tenants by the Entirety, the whole property is protected from judgments entered against either spouse as long as the property is not sold or both spouses are living.
Look into an Illinois Beneficial Land Trust. You can put one or more properties in the trust. The trust owns the property, you are just a beneficiary of the trust. I think I pay $100/yr. for my trust.
Non LEO here, hang in there guys & gals, a lot of us still back the blue.
It’s called Tenancy by the Entirety. Politicians set it up for themselves and their lobbyists several years ago. Police are able to take advantage of it. Imagine the lunatic protesters would want to change the laws but it benefits the politicians and politically connected, so it won’t be changed.
Years ago, at the advice of a real estate lawyer, I put my house into a “blind trust”. When I was going to refinance my mortgage, I looked up my PIN number on the assessor’s website and my name was right there as the owner. I was paying a yearly fee for the “blind” trust! I didn’t see that coming.....
So what are we supposed to ask the lawyer to do? Set up our homes as joint tenancy? Is that some kind of trust? Can someone please explain this further. Also, is this an estate planner lawyer we would use? Thanks for the info
-------
I am not a lawyer so this is not free legal advice. Just my understanding. In Illinois the default for married folks is tenancy in the entirety. it does indeed offer some protection against judgments but it is not perfect. a lien can still be filed against the house that would be paid off when the house is sold. There are also some potentially strange things that could happen that might be unpleasant even if you don't lose your house. This is something that needs to be dealt with by a very very good lawyer who will not come cheap. Just putting it into someone else's name as some idiot suggested makes it someone else's property. If the person is trustworthy it might offer some protection but it has all kinds of problems that are not easily solved. Spend the money on a good lawyer if it bothers you.
The guys must know this for their homes: A tenancy by the entirety is similar to a joint tenancy with the right of survivor-ship, but with a few additional characteristics: Whereas a joint tenancy with the right of survivor-ship can be severed by one owner, neither spouse can sever the tenancy by the entirety by selling an interest in the property.
Does this apply for same sex common law partners, asking for a friend...
There's a lot if advice here: grantor trust, land trust, LLC, etc..maybe FOP lawyers can do some research and put it out or hold an informational session
RH
Anonymous Anonymous said...
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
Well, now that he was sworn in as a lawyer in May, maybe the ARDC would like to investigate whether he's committing a crime by actually living in Lagrange or not living in Lagrange but sending his kids to Lagrange High School. Wife and now two kids registered to vote in Lagrange. Bought the place in 2013. No divorce or filing on Clerk's web site... Or at least maybe he lied on his character and fitness application which would disqualify him from holding a law license. It's all public record. Sources: Cook County Recorder of Deeds; Cook County Assessor; Cook County Tax Portal; Cook County Board of Elections; ARDC lawyer search; Google search.
Anonymous Anonymous said...
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
6/21/2020 12:09:00 AM
Yes it’s a joke. I know this because I live about 5 houses down from him in 008. He lives there, he just needs to stop watering his grass and flowers with his shirt off. But yes, he lives in 008. And also yes, not to get into his personal business his wife and him have not been together for several years and are still “married” on paper only. She lives elsewhere. But that’s not our place to talk about.
If there’s a will, there’s a way. An extremely knowledgeable attorney can do wonders for wealthy clients. Never go cheap when it comes to the lawyer. What I found is that although the home cannot be taken/sold off but a judgement/lien can still be imposed. Eventually ghetto lotto will pay off.
Don’t own a home? Better yet for the plaintiff, the absence of a mortgage means more money for them.
And This Is How It’s Gonna Be™️:
NEVER make it easy for them.
NEVER get involved with situations that will have the feral sponging off your assets, income, future.
STOP NO ONE. DON’T CHASE CB NUMBERS.
-
“ Better advice is to put all of your assets, including houses, investments and bank accounts in a grantor trust. The only thing that should be in your name are liabilities“. @ 6/21/2020 12:59:00 AM
– Yes indeed. I pay the bills, kids own the house, cars, shared bank accts, etc. Good idea to find your way to sell off or transfer assets (if you trust your chittlins) well beforehand, should you never need extended care in old age since Medicare benefits take into account ability to pay.
Anonymous Anonymous said...
Put your properties into a land trust ASAP. If you have investment properties put those in a land trust as well with the beneficiary as an LLC with yourself or spouse as the managing member.
6/21/2020 12:17:00 AM
Land Trust is simple but doesn't protect you. It is revokable because you control it. What you need is a Ir-Revokable trust....with a third party as manager....
Anonymous Anonymous said...
And what if I have a pre nup?
6/21/2020 12:04:00 AM
Very doubtful a prenup can change or void a judgement or law
Each spouse?! Wow, how can a husband afford two wives at the same time?!
😁😂🤣😅
Ah randy. Although he does live in lagrange he keeps a house in the city to use for an address. He also attended law school while on the clock and parked his city vehicle outside school illegally to save on parking. So he fits right in with the other corrupt and incompetent gold stars. Apparently he should have attended school for riot training since he was the one in charge for day one of the riots.
Any real estate lawyer, and probably any lawyer can explain and set this up. It's probably a couple of hundred in fees. Our house was held in a land trust until I retired. It protects your house if you are personally sued.
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
6/21/2020 12:09:00 AM
He lives in Chicago, the Chicago area :))
"...Essentially it’s says your spouse owns the house and your a tenant."
As Groucho Marx would say, sounds like a formalized marriage contract.
I have had my house in a trust for 30 years.
Have lots of property, buildings etc. Four litigation lawyers told me to use Scott Haugh of Roselle as a asset protection lawyer. He put my property in foreign LLCs. Like Wyoming. Wyoming has no public disclosures of ownership. He understands Police protection issues. You won’t be disappointed.
Any good lawyer suggestions?
Went to see Tom Tuohy after I retired and we had everything placed in a trust. I can't believe we waited until after I retired to take this step. It's only going to get worse from here boys and girls. Protect yourselves and your families.
Duh! said...
Speaking of homes, someone please explain this rumor of super ego dufus exempt Randy D. living in Lagrange? Has there ever been an internal investigation? Or is this a joke?
6/21/2020 12:09:00 AM
He lives in Chicago, the Chicago area :))
6/21/2020 12:12:00 PM
.
Randy still has the house in Garfield Ridge. He swings by to get the mail before going to the house in Lagrange. If Randy’s wife could shut her fucking mouth and stop bragging to all the lady friends about their “fake” separation so they could send the kids to for free at LT high school in Lagrange.
Did the rule change that as a Chicago cop, you and your spouse/ children must live in Chicago? This was the policy in the 1980s, which was long ago, I know. The reason was so that no cop can use that excuse of being separated, and keep their wife and kids in a suburb and go to a suburban public school.
This is bullshit, if Randy D. Is allowed this latitude, than every Chicago officer must be allowed to do the same.
Back about 1994 or 95 there was a big push to get coppers to put their home in a tenancy by entirety. Which I did back then. With what's going on today and no support from the city or the department its a good idea to look into.
Anonymous Anonymous said...
The guys must know this for their homes: A tenancy by the entirety is similar to a joint tenancy with the right of survivor-ship, but with a few additional characteristics: Whereas a joint tenancy with the right of survivor-ship can be severed by one owner, neither spouse can sever the tenancy by the entirety by selling an interest in the property.
Does this apply for same sex common law partners, asking for a friend...
6/21/2020 09:49:00 AM
I think any two or more persons can take advantage of this. But FYI, Illinois does not recognize common law marriages. You want to be treated as spouses? Get married.
"Will there be cake and coffee at Fort Fellatio this afternoon for the 300th decedent?"
Yes, but he'll be dead and it will go to waste!
La Grange, Illinois' high school is Lyons Township High School. La Grange High School never existed. 😁🙃
Congressperson-Elect Marie Klassen Newman lives in La Grange. 😃😊
Check with your attorney about your particular situation... as usual, there are as many reasons not to do this as there are to do it.
Tenancy by the Entirety has been discussed several times in our FOP Lodge 7 monthly magazine. Attorney Tom Tuohy has had a monthly column there. We got our Living Trust through him back in 1994. He has been advertising Lining Trust's to police families for 50% off the normal price. Contact the lawyer of you choice and ask them about trusts and T.B.T.E.
can someone break this down so someone as dumb as me can understand this please?
No one can attach a lien since title is held in an Illinois land trust and only my wife is the beneficiary. Therefore can never happen but I happen to trust my wife. And in court I own nothing.
At 02:40:00 PM, Anonymous said...
"Any good lawyer suggestions?"
Some might say that there are no good lawyers.
Anonymous Anonymous said...
Went to see Tom Tuohy after I retired and we had everything placed in a trust. I can't believe we waited until after I retired to take this step. It's only going to get worse from here boys and girls. Protect yourselves and your families.
6/21/2020 03:47:00 PM
---
Trusts are great and I am all for them. But if you are both the grantor and the beneficiary of the trust (a grantor trust- which is a revocable trust), which is most common, this does ABSOLUTELY NOTHING to protect whatever asset is held in trust (i.e. your home) from creditors. That is not the purpose of the revocable trust. The only way to protect trust assets, via a trsut, from creditors is to form an 'irrevocable' trust, which, in effect, means you gave your assets away and cannot get them back. (thought they are slowly given back you as the beneficiary). Revocable Trusts are primarily a method to transfer ownership of assets after your death without the oversight of a probate court, and to guide precisely how you want distributions made, and to whom. They are not meant for asset protection (unless it's irrevocable). If you are the trustee (meaning you control the assets of the trust) and the beneficiary (meaning you are to receive the assets of the trust), then the fact that you have 'incidents of ownership' of the trust, means the creditors can come after those assets. No question about it. If you gave those assets away via the (irrevocable) trust, and the the trustee you appointed (your kids or a professional organization like a bank), are guided by an 'ascertainable standard' like a HEMS standard (trustee can give beneficiary $ only for Health, Education, Maintenance and Support) - then a creditor CANNOT get those assets. But with the irrevocable trust, you have lost control of those assets, because, in effect, you gave them away when you created the trust.
Anonymous Anonymous said...
If there’s a will, there’s a way. An extremely knowledgeable attorney can do wonders for wealthy clients. Never go cheap when it comes to the lawyer. What I found is that although the home cannot be taken/sold off but a judgement/lien can still be imposed. Eventually ghetto lotto will pay off.
Don’t own a home? Better yet for the plaintiff, the absence of a mortgage means more money for them.
And This Is How It’s Gonna Be™️:
NEVER make it easy for them.
NEVER get involved with situations that will have the feral sponging off your assets, income, future.
STOP NO ONE. DON’T CHASE CB NUMBERS.
-
“ Better advice is to put all of your assets, including houses, investments and bank accounts in a grantor trust. The only thing that should be in your name are liabilities“. @ 6/21/2020 12:59:00 AM
– Yes indeed. I pay the bills, kids own the house, cars, shared bank accts, etc. Good idea to find your way to sell off or transfer assets (if you trust your chittlins) well beforehand, should you never need extended care in old age since Medicare benefits take into account ability to pay.
6/21/2020 10:39:00 AM
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grantor trusts do not protect your assets even one bit. Grantor trusts are trusts where the grantor (you) still have 100% control of the assets, and they are therefore 100% exposed to creditors. you should have tAlked to your lawyer more.
Tenancy by the Entirety has been around since medieval England. Nothing new. If you are married your home is probably already titled this way. Maybe Illinois codified it into law in 1994 but is has been a part of common law forever.
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